Parag Khanna, of the New American Foundation thinks so. "Waving Goodbye to Hegemony"
Via the NYtimes Magazine:
At best, America's unipolar moment lasted through the 1990s, but that was also a decade adrift. The post-cold-war "peace dividend" was never converted into a global liberal order under American leadership.
So now, rather than bestriding the globe, we are competing -- and losing -- in a geopolitical marketplace alongside the world's other superpowers: the European Union and China. This is geopolitics in the 21st century: the new Big Three. Not Russia, an increasingly depopulated expanse run by Gazprom.gov; not an incoherent Islam embroiled in internal wars; and not India, lagging decades behind China in both development and strategic appetite. The Big Three make the rules -- their own rules -- without any one of them dominating. And the others are left to choose their suitors in this post-American world.
The more we appreciate the differences among the American, European and Chinese worldviews, the more we will see the planetary stakes of the new global game. Previous eras of balance of power have been among European powers sharing a common culture. The cold war, too, was not truly an "East-West" struggle; it remained essentially a contest over Europe. What we have today, for the first time in history, is a global, multicivilizational, multipolar battle.